In-vehicle camera golden track, leading manufacturers have grown rapidly in ten years


New opportunities in the history of intelligent driving, both the volume and price of in-vehicle cameras have risen. In 2022, there will be a number of L2+ and above smart models on the market, and the world will usher in the transition from L2 to L3/L4. It is expected that the global penetration rates of L2, L3 and L4/L5 levels will reach 30%, 35% and 20% respectively in 2030. %.

As the core sensor of the perception layer, the on-board camera will usher in the opportunity of rising volume and price with the continuous upgrading of automotive ADAS functions. Demand: L2, L3 and L4/L5 will be equipped with 8, 11 and 12 cameras on average; Pricing: The unit price of ordinary car cameras is about RMB150-200 yuan, and the unit price of ADAS cameras is about RMB400-500 yuan, and the upgrade of perception functions will promote further value. lift. Combined with ADAS penetration rate, vehicle camera installation scheme and value measurement, we predict that the vehicle camera market size will reach RMB45.4 billion yuan in 2021, RMB922/164.5 billion yuan in 2025/2030, and a CAGR of 19.4% in 2021-25.

High barriers achieve high concentration, and large space provides strong growth of in-vehicle cameras .

1) High barriers: First, high security requirements give technical barriers. Vehicle CIS requires high HDR, LFM and other functions to ensure the accuracy and stability of perception. ADAS lenses are mostly used with better optical performance and durability. It is also more difficult to mass-produce glass lenses; second, the vehicle-level certification cycle is long, generally 2-3 years, and it is difficult for new entrants to mass-produce their shares in the short term. Therefore, the market share of vehicle cameras is highly concentrated. The world’s top five vehicle CIS manufacturers have a share of 80%, and Sunny Optical alone accounts for more than 30% of the global vehicle lens.

2) Large space: We estimate that the market size of vehicle CIS, vehicle lens, and module packaging will reach RMB 480/18.4/17.5 billion in 2025, respectively, and the CAGR from 2020 to 25 will be about 21%; the market size will further increase in 2030. to 856/329/31.3 billion yuan.

In-vehicle camera golden track, leading manufacturers have grown rapidly for ten years.

1) In terms of in-vehicle CIS, Weil has cooperated with well-known domestic and foreign car companies such as BBA, Tesla, Geely, Great Wall, BYD, etc., and the global market share in 2021 will be about 29%. , production capacity advantage, the share is expected to exceed 40% in 2025, ranking first in the world’s vehicle CIS. In addition, Weil has gradually formed a platform-type layout of in-vehicle products, and in-vehicle products such as CIS, screen drive, MCU, Lcos, SerDES, etc. have blossomed, bringing continuous growth momentum.

2) In terms of automotive lenses and modules, Sunny Optical has been deeply involved in the optical field for more than 30 years, and has grown into an industry leader in the field of mobile phones and automotive cameras. It has leading advantages in technical strength and customer resources, and is expected to take advantage of ADAS development opportunities. Steps; Lianchuang Electronics accumulated molding glass manufacturing capacity in 2014 by supplying GoPro action cameras, supplying ADAS lenses to Weilai and Tesla, and strategically cooperating with NVIDIA, Mobileye, Huawei, and Baidu. Grow into a global dragon. And the ADAS lens module packaging business is expected to gradually shift from Tier 1 to vehicle lens manufacturers, further opening up the growth space for vehicle lens manufacturers.

Investment suggestion:

The development of intelligent driving is accelerating, the car camera is taking advantage of the wind, and the leading manufacturers have high growth certainty. It is recommended to pay attention to Weir, a vehicle platform manufacturer, Sunny Optical, a global leader in vehicle lenses and modules, a global potential company, Lianchuang Electronics, and Jingfang Technology, a domestic leader in CIS packaging and testing.

Risk warning:

The penetration rate of smart cars is lower than expected; the relevant companies cannot maintain a competitive advantage; the information used in the research report is not updated in a timely manner; the demand/scale calculation is not as expected, etc.

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